U.S. New Home Sales Jump to Highest Level in 5 Years

Americans snapped up new homes in June at the fastest pace in five years, a sign the housing recovery is strengthening.

The Commerce Department says sales rose 8.3% last month to a seasonally adjusted pace of 497,000. That's up from 459,000 in May, which was revised lower.

While sales are still below the 700,000 pace consistent with healthy markets, they have risen 38% in the past 12 months. That's the biggest annual gain since January 1992.

Housing has helped drive economic growth at a time when other parts of the economy have languished. While new-home sales make up only a small part of the market, each home built creates an average of three new jobs and spurs more spending at furniture and home supply stores. (AP)

President Trump has granted a rare posthumous pardon to boxing's first black heavyweight champion. Jack Johnson fought Jim Jeffries in Reno on July 4, 1910 in what was dubbed the 'Fight of the Century.'

President Trump has granted a rare posthumous pardon to boxing's first black heavyweight champion. Jack Johnson fought Jim Jeffries in Reno on July 4, 1910 in what was dubbed the 'Fight of the Century.'

The Truckee Police Department has released a statement after a Portland State University student was found unconscious after a mysterious incident on his way home on an Amtrak train. Aaron Salazar remains in a coma at Renown's ICU.

The Truckee Police Department has released a statement after a Portland State University student was found unconscious after a mysterious incident on his way home on an Amtrak train. Aaron Salazar remains in a coma at Renown's ICU.

Multiple women are accusing Morgan Freeman of sexual harassment. Sixteen people spoke with CNN and said they either witnessed or were directly subjected to inappropriate comments, staring or touching by the actor.

Multiple women are accusing Morgan Freeman of sexual harassment. Sixteen people spoke with CNN and said they either witnessed or were directly subjected to inappropriate comments, staring or touching by the actor.

The Truckee Police Department has released a statement after a Portland State University student was found unconscious after a mysterious incident on his way home on an Amtrak train. Aaron Salazar remains in a coma at Renown's ICU.

The Truckee Police Department has released a statement after a Portland State University student was found unconscious after a mysterious incident on his way home on an Amtrak train. Aaron Salazar remains in a coma at Renown's ICU.